According to this article from economist.com, students are drowning in debt. For the first time in history student loans surpassed credit card debt in America! More students are taking out loans than ever before to buy an education that has an uncertain future.
Here are some tips/ideas of ways to help pay for college:
- Save for college - money to help pay for books, meals, etc.
- Get a head start - take high school AP courses and enter college as a sophomore
- Maximize your financial aid
- Look for free money - over 2.9 million private scholarships worth $16 billion are up for grabs
- Federal loans - carry lower interest rates
- Get a roommate to help with the cost of housing
- Manage your living expenses - walk or bike to school, look for student discounts on meals, etc.
- Make extra money - look for student jobs on campus, sell tickets at games, etc.
- Save money on college textbooks - buy used books, or ask others if they might loan you a copy
- Start paying your loans back as soon as possible and pay extra each month - this will reduce the amount you will pay in interest, and pay the loans off faster.
1 comment:
Another thing to look into: Once you hit your loan repayment period, there might be certain things you can take advantage of. With my loans, if I paid on time for two years and didn't change my repayment schedule, my interest was lowered by 1%.
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